Electronic Stability Control System Market Synopsis and Highlights, Key Findings

Posted by Market Research Future on December 14th, 2020

Global Electronic Stability Control System Market Information Report, By Vehicle Type (Passenger Cars, Light Commercial Vehicle and Heavy Commercial Vehicle), By Drive Type (Rear Wheel Drive, Front Wheel Drive, and All Wheel Drive), and By Region - Forecast To 2023

Market Highlights

Market Research Future (MRFR)’s assessment reveals that the global Electronic Stability Control System Market  is expected to scale a CAGR of 8.9% during the forecast period. The increase in production and Markets of vehicles is poised to boost the growth trajectory of the Market over the next couple of years. The rising demand for high-end cars is another major factor responsible for driving the growth of the Electronic Stability Control System Market in the foreseeable future.

The regulations imposed for ensuring vehicle and passenger safety are expected to lead the developments in the Electronic Stability Control System Market in the upcoming years. Every year 1.25 million people succumb to road accident injuries according to the statistics published by the World Health Organization (WHO). Developing nations are more prone to fatal road accidents owing to lower safety measures being used in vehicles. The economic growth of the developing nations is likely to generate demand for ESC over the assessment period, thus, augmenting the market.

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Market Segmentation:

By vehicle type, the global Electronic Stability Control System Market has been segmented into passenger car, heavy commercial vehicle, and light commercial vehicle. Among these, the passenger vehicle segment is anticipated to hold the maximum share of the Market in the upcoming years. The growth of the segment is likely to be driven by the increase witnessed in production and Markets of passenger vehicles. The light commercial vehicle segment has been projected to emerge as the second-largest segment in terms of value, towards the end of the forecast period.

By drive type, the Electronic Stability Control System Market has been segmented into front wheel drive, rear wheel drive, and all-wheel drive. Among these, the rear wheel drive segment is presumed to account for a relatively larger share of the Market in the forthcoming years. Meanwhile, the all-wheel drive segment has been estimated to strike the highest CAGR over the assessment period.

Regional Analysis:

The geographical study of the Market spans across North America, Europe, Asia Pacific and the Rest of the World (RoW). North America is presumed to exhibit high growth over the assessment period. The advancements in automotive technology are expected to drive the expansion of the Electronic Stability Control System Market in the region. Europe is poised to have a substantial share of the global Market due to rising investments in the automotive sector. Furthermore, the growth of the automotive sector is anticipated to reflect on the proliferation of the Market favorably. Asia Pacific is prognosticated to expand at a relatively higher CAGR across the review period. China is the most crucial Market of the region and is anticipated to contribute substantially to the development of the Electronic Stability Control System Market .

Competitive Dashboard:

Some of the major players participating in the Market share analysis are Johnson Electric. (Hong Kong), Robert Bosch GmbH (Germany), TRW Automotive Holdings (U.S.), Continental AG (Germany), Hitachi Automotive Systems Ltd. (Japan), Toyoda Gosei Co. Ltd (Japan), Autoliv Inc. (Sweden), WABCO Holdings Inc. (U.S.), Delphi Automotive (U.K.), and Murata Manufacturing Co., Ltd. (Japan).

Industry News:

In March 2019, Robert Bosch GmbH, or Bosch, a leading multinational engineering and electronics company, has announced has unveiled its offer of solutions that comply with safety and BS-VI regulations enforced by the Indian government. Its solutions include ABS or motorcycle stability control (MSC) for reducing road accidents.

In March 2019, DETROIT–LIFT, a Detroit-based manufacturing innovation institute, announced the extension of its contract with Department of Defense. The agreement included the optimization of anti-lock brakes and electronic stability control system kits for military Humvees among other activities.

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